John Conger, principal with the Dallas-based GVA Cawley says the French-Canadian owner put the 10-building, 52-acre complex at 4100 Alpha Rd. on the market in 2008. However, like many investors, when the financial meltdown came, SITQ opted to pull the 1980s asset off the sales block and hang onto it for awhile longer.
"The owner decided it made more sense to increase occupancy, stabilize costs and reconsider selling the building at a later date," Conger comments. The current occupancy is 62%. GVA Cawley's Buddy Tompkins and Seth Thatcher were successful in signing more than 125,000 square feet of leases during 2008. The quoted lease rate is $15 per square foot, plus electric.
Though there isn't much roll anticipated in 2009, Conger says keeping current tenants happy is also of vital importance, especially in the current market. "Our job is to make sure every existing tenant's needs are handled through necessary expansion and renewals," he comments.
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